Best place for storing MaidSafeCoins?

#1

Hi,

I’m currently keeping my crowd funded MaidSafeCoins on an exchange now that the Masterxchange has ceased operations.

Is there a local wallet or better storage solution?

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How to store your MAIDSAFE coins in a bitcoin wallet using Omniwallet for withdrawal
#2

Never ever store your coins on an exchange. Use omniwallet . WWW.omniwallet.org. .

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#3

If you create your own bitcoin address and save the private & public address (eg write on paper and store on USB stick), then you can send your MAIDSAFEcoin to the public address and they will remain safe. Called a paper wallet.

Then use www.omniwallet.org only when you need to send them somewhere. By importing the addresses into a omniwallet online wallet.

Ensure you are virus free, or use off line computer, when you generate the bitcoin address. You can use bitaddress.org to generate an address.

To send MAIDSAFEcoin from a wallet you need some BTC as well for fees.

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#4

I would advise you, to use blockchain.info

Because you got 2 factor authentication & ip addresswhitelisting. all other solutions out there seems to be so risky.

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#5

Thanks for the suggestions. I’ve moved a small test amount to my BTC counterparty wallet and it seems to be okay.

Would there be any reason not to use the counterparty wallet?

I will use the Omniwallet as suggested too, it was that I already had this setup.

#6

To move your coins from an address (such as that in the counterparty wallet) you will need to know the private key. So long as counterparty wallet allows you access to that, not problem. If it doesn’t, you can’t move those coins so they’re effectively lost.

#7

omniwallet recognises maidsafecoin and is easy to send your coin from.

BUT as with ANY online wallet, you are at the mercy of the site and if you do not know the private key(s) then you cannot access your coins if the site fails/hacked/etc.

The safest place to store your maidsafecoins is in what is referred to as a “paper wallet” which is just a generated BTC address that ONLY you know the private key to. It is called a paper wallet because you make a paper copy of the public & private keys, of course you can keep a copy on say a USB too. Then you send your coins to the public address of the “paper wallet”. When you want to send the maidsafecoins from that “paper wallet” address you import the keys into say omniwallet and send them. Any remaining coins really should be sent to a new “paper wallet” for safer keeping.

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Buying Maidsafecoin & storage
#8

You could use a Counterwallet address for MAID, just when you want to send those MAID coins out, access it from a client or wallet that can understand MAID.

One way to do that is to get the private key from the address and sweep MAID from it using an Omni-aware client. Another way is to import the private key to Omni aware client when you need to send MAID and after you’re done, delete client data (if you don’t want to leave the address accessible from that client).

#9

Hi everyone !

I’m new here !

I invest in this beautiful project some month ago and with the recent rise of the price I’m not completely cool about keeping my maidsafe token on Poloniex.

I wish to keep them in a compleetely safe place like a wallet of some sort where I can keep the private key.

I’m struggling to understand what is above.

I don’t need to use the token for now, I just want them cold stored.

It seems that the solution is to create a Bitcoin paper wallet (i know a secure offline procedure) and send the maidsafecoin there. This is where I get very confuse ; sending a token from polo which is not a bitcoin on the Bitcoin blockchain.

Can anyone explain quickly how it works ? If this is the way to proceed, so I create a Bitcoin paper wallet, I withdraw from Poloniex my MaidSafeCoin to this address and that’s it ??

I just want to be sure to avoid any stupid mistake with my precious safecoin ;p

Thanks in advance

1 Like
#10

You have it correct @EstefanTT. I use https://www.bitaddress.org to create my addresses but you can also run this offline. You can also verify that no network traffic is happening from any address creator by watching the network activity in your browser dev tools.

Then you print out the address that is created (I always print out a couple copies that I can keep in a couple different secure locations just in case). You want both public and private key in the printout. Once done you can safely send your MaidSafeCoins to that public address. Double and triple check that the public address is correct. If you send it to a fat fingered address, you have lost your coins. (Am I the only one who has nightmares about doing this?)

You can import this address into Omni wallet as a “watch address” without worrying that your private key will be compromised. FYI: You can watch any address in this way. Might be kind of fun to watch the Crowdfunded Investment address(es) this way.

When the time comes and you need to send them to the burn address (what we will use to transfer these temp coins into the safe network) you will import your paper wallet address into Omni wallet using your private key. Then you can send them from there to the burn address.

When it comes time to transfer to the burn address, you will need to have a very small amount of BTC in this address as well, as the Omni protocol requires it as a fee for transfer.

And Welcome to the community BTW!

Hope that helps.

9 Likes
MaidSafeCoin (MAID) - Price & Trading topic
Project Decorum - Crowdsale (Ended)
#11

I’ve used a BTC cold wallet Armory address for storing my MAID offline. Checking the pub key on any (btc) explorer shows that there’s a very small amount of BTC on the same address I’ve received my MAID on (through Polo). Would this be sufficient for sending MAID out of the address using Omniwallet? Or are those the actual MAID coins which can’t be read properly by the explorer (says; Unable to decode output address) and thus I’d have to send a bit of BTC to that same address to cover fees? Thanks in advance :slightly_smiling:

1 Like
#12

The last time I transferred Maid to another address there was a 0.00010000 BTC fee and I think there was an Omni fee as well. Can’t recall what that was. If you put $.10 worth of BTC in the wallet you will be more than fine I think.

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#13

Thanks chadrickm, will transfer a couple of pennies to that address then!

#14

You removed all my doubts about the procedure.

Thanks a lot !

I’ll start to read this forum in a more frequent way from now. I’ll see you around guys ;p

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#15

I probably check 10 times and still worry

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#16

Last I used it it was

0.00010 BTC - BTC transaction fee
0.00025 BTC - “Omni fee”

0.00035 BTC - total fee

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Project Decorum - Crowdsale (Ended)
#17

Omni charges an Omni tx fee? LOL!

:joy:

I will never join another help topic related to issues with Omni. I’ll leave those issues to the professional Omni tech support.

Off topic: I wonder why - after all the “experiences” with Omni during MAID launch and this hilarious fee - SafeX chose to get listed on that platform…

#18

Man. This whole omni wallet sounds really complicated and a lot of people are having issues with it. We seriously need safe wallet soon before something happens to poloniex.

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#19

Polo, Omni… I don’t see a connection, but you’re onto something!

#20

I think a lot of people keep their Maidsafe coins on Poloniex instead of figuring out omni wallet or a paper wallet thru bitaddress ect. I wonder who in this forum is working on a safe wallet app?

Although, these people will probably still keep their coins on Poloniex instead of figuring out the safe wallet app anyway. I sympathize with them as a non technical person. But since I did not feel confident that I would generate a paper wallet correctly and I refused to trust any exchange, I use my Piper http://cryptographi.com/ to print my paper wallets.

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